Wood Preservative Chemicals Market to reach US$2,284.2 mn by 2025
Albany, NY -- (SBWIRE) -- 09/24/2020 -- An increase in standard of living worldwide and a development of taste for all things wooden has a positive bearing on wood industry and on its ancillary industries. The steady growth observed in the global wood preservative chemicals market over the last few years is, therefore, expected to continue. It would further be boosted by economic development in many parts of the world, mainly as an outcome of industrialisation which is witnessing high levels of urbanization.
As per a research study by Transparency Market Research, global wood preservative chemicals market was worth USD 1663.2 mn in 2016, and is looking at a Compound Annual Growth Rate of 3.7% between 2017 and 2025. This can be pegged as a market worth of USD 2284.2 mn by the end of 2025.
global wood preservative chemicals market
Competition will Increase Further in 2017-2025
The market is highly fragmented, and competitive due to presence of a large number of manufacturers, and is bound to remain so in the coming years with more players foraying into the market. Prominent players in the global wood preservative chemicals market are BASF SE, Koppers Inc., Lonza Group, Lanxess, Troy Corporation, Safeguard Europe Ltd., Rütgers Organics GmbH, Rio Tinto Borates, and Kurt Obermeier GmbH.
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Rising economic prosperity (standard of living) and expanding furniture and deking industries will keep Asia Pacific ahead on the growth curve in the global wood preservative chemicals market. Another region that would be leading the charts is North America, credit a rise in use of wood in interior designing, cites the TMR report.
Water Borne Chemicals will See an Increase in Demand:
Compared with oil borne and organic solvent borne segment, water borne chemicals are set to fare better as they have less VOC emissions and are thus, good for the environment. Besides, as copper borne preservative chemicals are much in demand, which are also water-borne, it looks like good news for this segment of the global wood preservative chemicals market. There is a rise in the demand for these preservatives from the developing economies. Organic solvent borne preservatives market would also report a steady growth.
The global wood preservative chemicals market will see an upward trajectory also because of technological advancements made in the field. Besides, the government and even the private sector is investing in infrastructure such as residential buildings, educational institutes and so on, generating more demand for wood and its ancillary industries.
Heavy Pockets to Drive Lifestyle Changes, Thus Impact Growth
Lifestyle change coupled with increased purchasing power is causing a massive tilt towards wooden interiors ((furniture, fixtures, etc.) globally, not just in homes but also at work places. And, wooden goods are expensive. So, as a consequence, consumers feel the need to protect the goods, which in turn is providing a boost to the wooden preservative chemicals market by generating a steady demand.
Stringent Government Regulations Pose a Challenge
One of the major restrains in the global wood preservative chemicals market is the limitations imposed on consumption due to low levels of awareness. Besides, in some countries/areas, environmental agencies/government has banned/restricted use of certain wood preservative chemicals such as CCA, creosote, and pentachlorophenol.
One such example is the use of oil borne preservative chemicals which are restricted in certain areas such as Europe and North America. It is important to note here that despite restraints, the outlook remains positive in the global wood preservative chemicals market.